Restructuring/Insolvency — Iceland

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Landslög Law Offices - Restructuring/Insolvency Department

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Chambers Commentary
(based on the Chambers research)

What the team is known for Well-respected firm drawing on expertise in a range of practice areas, such as corporate and banking, to provide a full-service approach to restructuring matters. Highly regarded disputes practice, regularly handling litigation arising from insolvency proceedings.

Grímur Sigurðsson is "very hard-working and a good litigator who really works hard for his clients." Also praised for his authoritative and robust style, he has notable expertise in insolvency and receivership proceedings.

Sources describe Garðar Garðarsson as a "very good and experienced lawyer" with a particular strength in bankruptcy cases. Alongside his expertise in the restructuring and insolvency field, he also operates a broader corporate practice.

Jóhannes Karl Sveinsson is respected for his broad practice and particularly noted for his strength in litigation. In addition to restructuring and insolvency issues, he acts on banking and financing matters, representing both private and public clients.

Clients

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Lex Law Offices - Restructuring/Insolvency Department

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第一等

Chambers Commentary
(based on the Chambers research)

What the team is known for Substantial restructuring expertise and a large, well-resourced team. Frequently instructed by foreign and domestic entities across a range of industries on major liquidation proceedings. Clients include international companies, domestic banks and major investment funds.

Strengths Sources acknowledge the firm's leading reputation for Icelandic restructuring matters and describe the team's work as "impressive."

Work highlights Represented Lifsverk Pension Fund in an ISK835 million dispute with its insurance company relating to the interpretation of Directors' and Officers' Liability Insurance following losses incurred from allegedly illegal CLN investments.

Notable practitioners

Head of department Helgi Jóhannesson is recognised as an "extremely experienced" insolvency lawyer and the leading figure of the firm's practice. His expertise encompasses contract, corporate and bankruptcy law, and he regularly acts as liquidator in winding-up proceedings for large companies.

About the Team (content provided by Lex Law Offices)

Following a bankruptcy, liquidators are court appointed and LEX has a team of lawyers that specialize in liquidating such estates and are regularly appointed liquidators in the liquidation of numerous companies. LEX has advised on a number of high profile restructurings in recent years, including Toyota Iceland, EIR nursing homes, Bumenn and Ellidi.

Following the collapse of the Icelandic banking system during the global financial crisis of 2008, almost every aspect of Icelandic bankruptcy law has been tested before the courts. The lawyers at LEX have played an active role in testing the limits of this field, by trying cases before the Icelandic courts and also advising most of the Winding-up Boards that oversee the winding-up of the collapsed Icelandic banks.

The winding-up proceedings have resulted in thousands of claims being filed against the collapsed banks on practically every conceivable basis, testing the claims procedure in place and Icelandic bankruptcy law. In the years since the collapse in 2008, Icelandic insolvency law has been amended and supplemented a number of times. In light of this, further amendments to Icelandic insolvency law are expected, including the frameworks for bankruptcy and liquidation proceedings, moratoria, cessation of payments, composition and forced agreements with creditors financial restructuring etc. LEX closely monitors any developments in this field to ensure that its clients are provided with accurate and comprehensive legal advice.

Clients

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Logos - Restructuring/Insolvency Department

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第一等

Chambers Commentary
(based on the Chambers research)

What the team is known for Outstanding law firm renowned for the breadth of its restructuring practice, covering all aspects of financial restructuring and liquidation of Icelandic companies and banks. Also offers substantial cross-border expertise, benefiting from offices abroad to assist with large international mandates. Recently acted for clients in the private equity, shipping and insurance sectors.

Strengths One client describes Logos as a "top Icelandic law firm" offering excellent client service and good value for money.

Another client adds: "The team has great cross-border capabilities and their client service is unmatched."

Work highlights Acted as Icelandic co-counsel alongside Akin Gump Strauss Hauer & Feld representing a group of bondholders in claims against several failed Icelandic banks.

Represented the Estate of Baugur Group in proceedings before the District Court and the Supreme Court of Iceland relating to two claims amounting to approximately ISK16 billion.

Notable practitioners

Óttar Pálsson garners praise for his "helpful insights on strategy" and is described by clients as "a terrific attorney with a great depth of experience." He regularly represents foreign creditors in the wind-up proceedings of Icelandic banks.

Erlendur Gíslason offers expertise in financial restructuring, with notable experience in the aviation and real estate sectors. Sources confirm his position as a "top choice for corporate restructuring and insolvency at the bigger end."

Clients describe Heiðar Asberg Átlason as "skilled, knowledgeable, effective and always a pleasure to work with." He has represented a variety of international banks and investment funds before Icelandic courts in relation to financial restructuring and insolvency mandates.

About the Team (content provided by Logos)

LOGOS’ insolvency and restructuring team provides clients with advice on financial restructuring of businesses and financial institutions, payment suspensions, bankruptcy proceedings, negotiation and implementation of voluntary and compulsory arrangements with creditors. We also represent creditors of insolvent estates or distressed enterprises, and act and advise on compulsory dissolution and liquidation of companies.

We are known for our ability to deal with large and complex financial restructurings in an efficient manner. The expertise, the size of the firm and flexibility to commit the proper staff to each case provides LOGOS with a competitive edge when advising on insolvency and restructuring in Iceland. In recent years, we have been elected one of the best companies to work for in Iceland, which is a testament to our positive and healthy workenvironment.

Many of our partners have previously worked within the financial and commercial sectors, providing us with a valuable expertise and an ability to add considerable value to transactions.

Our insolvency and restructuring practice greatly benefits from the firm being the only Icelandic firm with an operational office outside the country - our office in London - and is therefore able to call on lawyers with different legal backgrounds when required.

Clients

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BBA - Restructuring/Insolvency Department

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第二等

Chambers Commentary
(based on the Chambers research)

What the team is known for Experienced firm with a long track record acting on complex restructuring and insolvency mandates in Iceland. Experienced representing the interests of foreign creditors in claims against failed banks and assisting with the winding-up procedures of domestic financial institutions.

Strengths Clients say: "The whole team is very strong and responsive. The partners and associates were aware of the sensitivity of the case and handled it superbly from the beginning to the end."

Work highlights Assisted Swiss Life with a claim against several Icelandic banks following the 2008 financial crisis.

Notable practitioners

Baldvin Björn Haraldsson offers clients a wide breadth of expertise covering commercial and insolvency law. He assists clients with both contentious and non-contentious aspects of financial restructuring and insolvency matters and is valued for his "strong business mindset."

Einar Baldvin Árnason offers a broad practice with substantial expertise in insolvency and restructuring law gained through considerable activity in the banking and finance sector.

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Chambers Commentary
(based on the Chambers research)

What the team is known for Notable team principally providing specialist advice to international creditors of Icelandic companies and financial institutions. Uses its in-depth knowledge of capital controls to assist with complex restructuring and insolvency cases.

Strengths Sources value the "creativity" that the team brings to the table.

Work highlights Represented Drake Management in a USD30 million dispute with Glitnir concerning IDSA close-outs pending before the courts since 2014.

Assisted the former creditors and now shareholders of the Icelandic Savings Bank with issues related to the bank's change of status to an asset management company.

Notable practitioners

Kári Hólmar Ragnarsson is described by clients as a "very able and creative" lawyer. He advises creditors on complex winding-up proceedings and has notable experience acting as litigator in contentious cases.

About the Team (content provided by Réttur - Aðalsteinsson & Partners)

Réttur’s Insolvency and Restructuring team specializes in the field of creditor representation and advising international creditors of Icelandic companies. The team is composed of experts in the field, all of which bring an additional specialty to the table, resulting in an exceptionally talented and creative group approaching insolvency law and restructuring in a holistic approach, both in and out of court.

Réttur has advised a large number of international financial institutions in relationto the winding-up proceedings of the collapsed Icelandic banks, specifically the three large banks: Kaupthing, Landsbanki and Glitnir. is work commenced immediately after the collapse of the banks in late 2008. Since 2009 Réttur has advised a large group of bondholders (including hedge-funds) coordinated by Akin, Gump, Strauss, Hauer & Feld in London and New York. is group has been actively involved in all three insolvencies and holds a large majority of the total amount of claims led in the insolvencies.

Réttur has also assisted domestic companies and their creditors in finance and restructuring matters, including longstanding client Icelandic Water Holdings.

Up and Coming

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Helgi Jóhannesson

From the Chambers Europe guide

Head of department Helgi Jóhannesson is recognised as an "extremely experienced" insolvency lawyer and the leading figure of the firm's practice. His expertise encompasses contract, corporate and bankruptcy law, and he regularly acts as liquidator in winding-up proceedings for large companies.

Band 1

Óttar Pálsson

From the Chambers Europe guide

Óttar Pálsson garners praise for his "helpful insights on strategy" and is described by clients as "a terrific attorney with a great depth of experience." He regularly represents foreign creditors in the wind-up proceedings of Icelandic banks.

Band 1

Grímur Sigurðsson

From the Chambers Europe guide

Grímur Sigurðsson is "very hard-working and a good litigator who really works hard for his clients." Also praised for his authoritative and robust style, he has notable expertise in insolvency and receivership proceedings.

Band 2

Garðar Garðarsson

From the Chambers Europe guide

Sources describe Garðar Garðarsson as a "very good and experienced lawyer" with a particular strength in bankruptcy cases. Alongside his expertise in the restructuring and insolvency field, he also operates a broader corporate practice.

Band 2

Erlendur Gíslason

From the Chambers Europe guide

Erlendur Gíslason offers expertise in financial restructuring, with notable experience in the aviation and real estate sectors. Sources confirm his position as a "top choice for corporate restructuring and insolvency at the bigger end."

Band 2

Baldvin Björn Haraldsson

From the Chambers Europe guide

Baldvin Björn Haraldsson offers clients a wide breadth of expertise covering commercial and insolvency law. He assists clients with both contentious and non-contentious aspects of financial restructuring and insolvency matters and is valued for his "strong business mindset."

Band 2

Jóhannes Karl Sveinsson

From the Chambers Europe guide

Jóhannes Karl Sveinsson is respected for his broad practice and particularly noted for his strength in litigation. In addition to restructuring and insolvency issues, he acts on banking and financing matters, representing both private and public clients.

Band 3

Heiðar Asberg Átlason

From the Chambers Europe guide

Clients describe Heiðar Asberg Átlason as "skilled, knowledgeable, effective and always a pleasure to work with." He has represented a variety of international banks and investment funds before Icelandic courts in relation to financial restructuring and insolvency mandates.

Band 3

Ástráður Haraldsson

From the Chambers Europe guide

Ástráður Haraldsson of Mandat law firm is experienced representing clients before the Supreme Court. Recognised as "extremely qualified" and an "experienced liquidator," his practice covers administrative, labour and bankruptcy law.

Up and Coming

Kári Hólmar Ragnarsson

From the Chambers Europe guide

Kári Hólmar Ragnarsson is described by clients as a "very able and creative" lawyer. He advises creditors on complex winding-up proceedings and has notable experience acting as litigator in contentious cases.

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